LCPS saves taxpayers $6.5 million

By: Julie Snyder | C&G Newspapers | Published May 17, 2017

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HARRISON TOWNSHIP/MACOMB TOWNSHIP — L’Anse Creuse Public Schools has successfully sold refunding bonds at a cost of approximately $96 million in order to refinance $4.795 million of outstanding bonds originally issued in 2006, as well as $91.6 million of the School Bond Loan Fund.

District officials said the new bonds were refinanced at significantly lower interest rates, resulting in $6.5 million in savings for taxpayers over a five-year period. These bonds were originally issued to finance school building and site improvements in the district. The process is similar to refinancing a home mortgage to reduce the annual payments.

“Our community’s support of the 2005 bond led to many significant improvements at L’Anse Creuse, including new buildings, infrastructure updates and technology enhancements,” said Superintendent Erik Edoff. “We are happy to take advantage of the lower interest rates to give back some of what the community has so generously given.”

The school district was assisted in the bond sale by its financial advisor, Stauder, Barch & Associates of Ann Arbor, and its bond attorney, Thrun Law Firm of Lansing.